Tencent Holdings Limited has agreed to acquire approximately 14.6% of San Francisco-based mobile gaming firm Glu Mobile Inc. for US$126 million, further expanding the Chinese Internet firm's gaming assets globally, according to a company announcement. Tencent is to purchase 21 million shares of Glu’s common stock at a price of US$6.00 per share. The deal, […]

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New York Stock Exchange-listed China Cord Blood Corporation, in which KKR & Co. L.P. has made an investment in, has received a take-private offer from its largest shareholder, Golden Meditech Holdings Limited, according to a company announcement. Hong Kong-listed Chinese healthcare firm Golden Meditech, which owns approximately 46.3% of China Cord Blood as of March […]

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Hong Kong-listed China Water Affairs Group has agreed to acquire all shares in Goldtrust Water Holdings Limited held by a fund managed by JP Morgan Asset Management for US$109.7 million, providing a full exit for the investment firm, according to a regulatory filing. JP Morgan's Asian Infrastructure & Related Resources Opportunity Fund invested in Goldtrust […]

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Silicon Valley-based medical technology start-up Scanadu Inc. has received US$35 million in series B funding led by Fosun International and Tencent Holdings Limited, according to a company announcement. New investors China Broadband Capital and Singapore's iglobe Partners also participated in the round. Existing investors Relay Ventures, Redmile Group, Ame Cloud Ventures and Three Leaf Ventures, […]

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Chinese cloud-based human resource SaaS (software as a service) firm Beisen has completed RMB110 million (US$18 million) series C round of financing led by Matrix Partners and another unnamed investor, according to Chinese media reports. Founded in 2002, Beijing-based Beisen received around US$10 million series B funding from Matrix and Sequoia Capital in 2013, according […]

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Yuyue Capital, founded in April this year by former Legend Capital managing director, Liu Erhai, has raised US$200 million for its debut venture fund, according to Chinese media reports. Liu left Legend Capital earlier this year, after spending 12 years in the Beijing-based venture firm. The new fund focuses on making series A and series […]

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Shenzhen-based cloud communication service provider Ucpaas has completed close to RMB100 million (US$16 million) series B round of financing led by Legend Capital, according to a company announcement. Chengwei Ventures also participated in the round. Founded in April 2014, Ucpaas serves over 30,000 registered developers and corporate clients, including Alibaba Group Holdings and Xiaomi Inc. […]

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Shenzhen-based news aggregation mobile app maker Xiaozhi has completed RMB200 million (US$32 million) new round of financing from Chinese media and entertainment firm, Enlight Media Group, and China Renaissance, according to Chinese media reports. Founded in 2010, Xiaozhi currently has 70 million mobile app users with daily active users of eight million. The company reportedly […]

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Los Angeles-headquartered Platinum Equity has acquired Chinese manufacturer Ying Shing Enterprises Limited, in the private equity firm's first acquisition in Asia, according to a company announcement. Platinum acquired its stake from the Ying Shing's founder and president, Chen Jianying, who will retain a minority stake and stay on to lead the business. No other details […]

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China's A-share and H-share market are at an exciting juncture in their path toward eventual convergence in both price and liquidity, writes Helen Zhu, head of China equities at BlackRock. The China A-share market, which has nearly doubled in the last 12 months, recorded daily turnover of US$290 billion, while the Hong Kong market rose […]

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Shenzhen-based Huakang Mobile Health has completed RMB200 million (US$32 million) series B round of financing from Yunfeng Capital, Shenzhen Co-Win Venture Capital Investments Limited, New Horizon Capital, and Henan Haijie Healthcare Investment, according to Chinese media reports. The revelation of the new funding round follows the announcement last week that Huakang has established a strategic […]

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The Immigration Department will launch a pilot scheme on May 4 allowing second-generation migrants to stay in Hong Kong.

Speaking at a press conference today, Assistant Director of Immigration Law Chun-nam said the scheme has no quota and applicants are not required to secure a job before entry.

Applicants must be aged 18 to 40, born overseas, have good education, and be well-versed in Chinese or English. They must start a job or business when renewing their stay after one year.

The department will also relax the stay arrangements for various talent admission schemes, and revise the scoring system for quality migrants to attract talent with excellent education backgrounds or international work experience.

"In view of the ageing population and shrinking labour force in Hong Kong, we need to ensure our admission schemes can attract and retain talent, professionals and entrepreneurs from outside Hong Kong to support our economic development," Mr Law said.

Click here for details.

Guotai Junan Innovation Investment Limited Company, the venture investment arm of Chinese brokerage firm Guotai Junan Securities, has established an industry merger and acquisition fund with a fundraising target of RMB250 million (US$40 million), according to Chinese media reports. The new fund, Guotai Junan Gelong M&A Fund, will seek to make equity and mezzanine investments […]

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Guotai Junan Innovation Investment Limited Company, the venture investment arm of Chinese brokerage firm Guotai Junan Securities, has established an industry merger and acquisition fund with a fundraising target of RMB250 million (US$40 million), according to Chinese media reports. The new fund, Guotai Junan Gelong M&A Fund, will seek to make equity and mezzanine investments […]

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Beijing Weiying Technology Co. Ltd., an online platform for movie ticket booking services, has completed US$105 million series B round of financing from Tencent Holdings Limited, Dalian Wanda Group, and other investors, according to Chinese media reports. Founded in 2014 by Tencent, China Culture Industry Investment Fund, and Bison Capital, Beijing Weiying provides online booking […]

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China's P2P (peer to peer) lending sector is largely unregulated and has experienced explosive growth, which plants the seed of serious moral hazard issue and high default risk, says a report by BofA Merrill Lynch Global Research. Perhaps to foster private competition in banking, the Chinese government has so far largely allowed the P2P lending […]

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TPG Growth, the middle market and growth equity investment platform of TPG Capital, has reached final closing of TPG Growth III with US$3 billion in aggregate capital commitments, its largest fund dedicated to investments in small- and mid-sized growth companies, according to a company announcement. The fund, which originally targeted US$2.75 billion and was on […]

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Pak-Seng Lai, previously managing director and head of Asia at German private equity firm Auda International L.P., has joined 3W Partners Capital as managing partner based in Hong Kong, according to Lai's LinkedIn profile. Lai headed Auda's Asia operations from 2007 to 2014. In 2014, he joined Shanghai-based Vision Knight Capital, but left the firm […]

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Chinese smartphone maker Xiaomi Inc. has received an undisclosed investment from Ratan Tata, chairman emeritus of Tata Sons, a holding company of Indian conglomerate the Tata Group, according to an announcement Xiaomi posted on Twitter. The announcement came days after venture-backed Xiaomi launched in India, the world's third largest smartphone market. Founded in 2010, Xiaomi […]

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Menlo Park, California-based BlueRun Ventures has raised a US$200 million new fund to make early-stage investments in the TMT (technology, media, telecom) sectors, a representative in BlueRun's Beijing office confirmed to China Money Network on the phone. The fund will seek to make investments between US$100,000 to US$10 million in angel and series A rounds. […]

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Secretary for Security TK Lai chaired an interdepartmental meeting today to form a taskforce to investigate yesterday's Wong Tai Sin explosion.

Representatives from the Security Bureau, Police, and the Fire Services, Electrical & Mechanical Services, Buildings, Transport, and Home Affairs Departments attended the meeting.

A fire investigation team will study the cause of the fire and the circumstances leading to the casualties.

Fifty vehicle repair workshops in the area were checked today and there was no sign of over-storage of dangerous goods or unauthorised works. All 2,700 vehicle repair workshops throughout Hong Kong will be checked.

The Wong Tai Sin District Office and the Social Welfare Department will offer assistance to affected residents.

Anyone with information on the incident should call investigators on 2352 9477 or 2352 9456.